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The year’s big acquisition and merger deals shaking up Cyprus’ business scene

As a business hub in the Mediterranean, Cyprus provides a dynamic environment for acquisitions, mergers, and significant deals changing conditions in their sectors.

With the aim of painting the picture of the diverse and constantly changing market, the team behind the October edition of IN Business with the 1000+ largest companies in Cyprus, gathered and made a record of the most important deals of the year, which focus on the financial, health, communication, retail , land development and education.

Hellenic Bank Group-CNP Cyprus Insurance Holdings

  • Object of the agreement: Acquisition of CNP Cyprus Insurance Holdings by Hellenic Bank Group

The signing of the sale and purchase agreement with CNP Assurances was implemented in July 2024 and concerns the acquisition of the subsidiary CNP Cyprus Insurance Holdings which operates in Cyprus and Greece.

The development will allow Hellenic Bank to significantly strengthen its insurance activities and become a leading financial group with a strong presence in both the banking and insurance sectors in Cyprus.

Eurobank Group-Hellenic Bank

Object of the agreement: Acquisition of Hellenic Bank by Eurobank Group

In a decision by one of the largest financial organisations in Greece to invest in Hellenic Bank - a vote of confidence in the bank's business model and franchise and by extension in the country's economy - Eurobank secured a percentage of 55.9% with the successful completion of the mandatory public offering.

The Eurobank group, consisting of Eurobank S.A. and its subsidiaries, among them Eurobank Cyprus, strengthens its presence in Cyprus through the acquisition of Hellenic Bank.

Eurobank is thus today the main shareholder of Hellenic Bank.

Hellenic Healthcare Group (HHG)- American Medical Center

  • Object of the agreement: Acquisition of participation in American Medical Center (AMC)

The Hellenic Healthcare Group (HHG), one of the largest private organisations in the provision of health services in Greece, expanded even further on our island, with its latest move - after the acquisition of Apollonion Private Hospital and Aretaieio Hospital - the acquisition of a significant stake in American Medical Center (AMC).

American Medical Center (AMC) and Hellenic Healthcare Group (HHG) have reached an agreement to partner in the private sector of health services. This is an agreement that implies a substantial participation of HHG in the share capital of AMC.

This development is expected to further strengthen the services offered and contribute to the continuous provision of high quality health services and meeting the needs of patients on a Cypriot basis.

The strategic priorities of the partnership will be announced after the final approval of the competent authority.

ECM Partners- Ygia Polyclinic

  • Object of the agreement: Acquisition of 75% of Ygia Polyclinic by ECM Partners

The acquisition of 75% of Ygia Polyclinic by ECM Partners, at the end of 2023, created the possibility of expanding the services and improving the care provided, while strengthening the dynamics of the polyclinic in the health sector.

Among the many expected benefits created by the acquisition, are included the reorganization and restructuring of the polyclinic with clear ownership and governance, the positive impact on the local community from its inclusion in the national health system, but also the beneficial effects on the health system resulting from the introduction in that of the experienced ECM Partners group through the Ygia Polyclinic.

Pavlidis Laboratories - BIOIATRIKI Group

  • Object of the agreement: Absorption of Pavlidis Laboratories by BIOIATRIKI Group

The BIOIATRIKI Group of Healthcare Companies has absorbed Pavlidis Laboratories, a development which significantly expands and strengthens the presence of the pan-Cypriot company, with an emphasis on Limassol and Paphos, offering the possibility to utilize, in Cyprus, the entire range of clinical laboratory tests offered in Greece by the group.

BIOIATRIKI Group of Health Companies has been active in the health services sector since 1981, being today a private provider of primary health care medical services with 56 autonomous diagnostic centers in Greece and Cyprus.

Sklavenitis Group – Papantoniou Supermarkets

  • Object of the agreement: Inclusion of Papantoniou Supermarkets in the network of the Sklavenitis Group

The Greek Sklavenitis Group, one of the biggest players in the retail sector in Greece and with a presence in Cyprus through Sklavenitis Cyprus, strengthened its presence on our island even more through the announced inclusion of Papantoniou Supermarkets in its network.

The big deal in retail trade is expected to create new balances in terms of the redistribution of the market pie.

With this move, Sklavenitis strengthens its network of stores, reaching a total of 27, as nine Papantoniou Supermarkets are added to its 18.

The agreement recently received the green light from the Commission for the Protection of Competition, with the Commission announcing its decision to declare the act of concentration compatible with the operation of competition in the market.

Red Wolf-Ogilvy

  • Object of the agreement: Merger of Red Wolf and Ogilvy Cyprus

A deal that will create new conditions and balances in the field of advertising and communication in Cyprus has been reached and the official announcements are expected soon.

More specifically, Red Wolf and Ogilvy Cyprus are in the process of merging, with the two companies joining forces and operating under the new name Red Wolf Ogilvy.

Medicover-Synlab Cyprus

  • Object of the agreement: Acquisition of share capital of Synlab International GmbH including Synlab Cyprus from Medicover Investment BV

Medicover Investment BV proceeded to acquire the share capital of companies of Synlab International GmbH, including Synlab Cyprus, according to an announcement by the Commission for the Protection of Competition (Commission for the Protection of Competition).

The acquisition of the share capital of certain companies of Synlab International GmbH includes Synlab Cyprus by Medicover Investment BV

Synlab Cyprus is a subsidiary of Synlab International GmbH and operates in the field of diagnostic services.

Globeducate-Olympion

  • Object of the agreement: Olympion's inclusion in the capacity of the international Globeducate group

Its presence in Cyprus and especially in the educational events of our island was strengthened by the international educational organisation Globeducate, which after Pascal English School also includes the Olympion educational group.

Globeducate is an international fund that invests in education and is among the leading K-12 educational groups (pre-primary, primary, secondary) in the world.

Labs Tower-Trustor

  • Object of the agreement: Acquisition of Labs Tower by the company Trastor

Trastor's expansion into the Cypriot market was marked by the recent acquisition of Labs Tower in Nicosia, one of the city's tallest landmark developments.

The development was a result of the relevant agreement signed with Whitestreet Investments, a subsidiary of Globe Invest.

(Source: InBusinessNews)

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